SØK 3520 Microeconomics

SØK 3520 Microeconomics

Course code: 
SØK 3520
Department: 
Economics
Credits: 
7.5
Course coordinator: 
Christian Riis
Product category: 
Bachelor
Portfolio: 
Bachelor - Core Courses
Semester: 
2018 Autumn
Active status: 
Active
Teaching language: 
Norwegian
Course type: 
One semester
Introduction

Through the study of microeconomics students will learn the fundamentals of how markets and economic institutions function.

The course is a thorough study on price formation and the production and income distribution in markets. The analysis covers both markets for consumer goods and markets for production resources. There is a special emphasis on the analysis of price trends and industry development in short and long term.

Furthermore, criteria for economic efficiency and high value added are discussed. In particular the course discusses if conditions for individual economic decisions are leading to effective utilisation of community resources. One sees here both the decisions in competitive markets and decisions in markets with limited competition.

Learning outcomes - Knowledge

Students will understand the basic relationships between individual economic decisions and the social consequences in different market situations. Students will understand the basic principles of how changes in some markets have ripple effects to other markets. Students should also understand the distinction between descriptive and normative theory.

Learning outcomes - Skills

Students will master the basic techniques of financial analysis: They should be able to master the basic economic model system, and understand the distinction between exogenous and endogenous variables. They will also be able to formulate economic optimise problems and solve them analytically.

Learning Outcome - Reflection

Students will be able to identify the welfare and distributional consequences of market processes. They will be encouraged to be aware of trade-offs between market efficiency and other considerations that are not captured by market analysis.

Course content
  1. Introduction to Microeconomic Analysis
  2. Market equilibrium: supply and demand
  3. Consumer Behaviour
    • Budget constraint and consumer preferences
    • Effects of price and income changes
    • Demand functions and elasticities
  4. Firm behaviour
    • Product function
    • The cost function
    • Profit maximisation
    • Substitution
    • The adjustment in the short and long term
  5. Market Theory
    • Price formation under various cost structures
    • Price and income generation in the short and long term
    • Industrial dynamics
    • The impact of excise taxes
  6. Economic efficiency
  7. Limited competition
    • Monopolies and market power
    • Game theory
Learning process and requirements to students

The course consists of 36 lecture hours + 6 hours of plenary assignment review and feedback in plenary.

E-learning
In course delivery as online courses, lecturer will, in collaboration with the student administration, organize an appropriate course implementation, combining different learning activities and digital elements on the learning platform. Online students are also offered a study guide that will contribute to progression and overview. Total recommended time spent for completing the course also applies here.

Software tools
No specified computer-based tools are required.
Qualifications

Higher Education Entrance Qualification.

Required prerequisite knowledge

MET 2910 Mathematics or equivalent

Exam categoryWeightInvigilationDurationSupport materialsGroupingComment exam
Exam category:
Submission
Form of assessment:
Written submission
Exam code:
SØK35202
Grading scale:
ECTS
Grading rules:
Internal and external examiner
Resit:
Examination every semester
100Yes5 Hour(s)
  • BI-approved exam calculator
  • Simple calculator
Individual
Exams:
Exam category:Submission
Form of assessment:Written submission
Weight:100
Invigilation:Yes
Grouping (size):Individual
Support materials:
  • BI-approved exam calculator
  • Simple calculator
Duration:5 Hour(s)
Comment:
Exam code:SØK35202
Grading scale:ECTS
Resit:Examination every semester
Exam organisation: 
Ordinary examination
Total weight: 
100
Workload activityDurationType of durationComment student effort
Teaching36Hour(s)
Review of assignments in plenary6Hour(s)
Prepare for teaching42Hour(s)
Group work / Assignments55Hour(s)Working with tasks in the aftermath of lectures
Self study56Hour(s)
Examination5Hour(s)
Expected student effort:
Workload activity:Teaching
Duration:36 Hour(s)
Comment:
Workload activity:Review of assignments in plenary
Duration:6 Hour(s)
Comment:
Workload activity:Prepare for teaching
Duration:42 Hour(s)
Comment:
Workload activity:Group work / Assignments
Duration:55 Hour(s)
Comment:Working with tasks in the aftermath of lectures
Workload activity:Self study
Duration:56 Hour(s)
Comment:
Workload activity:Examination
Duration:5 Hour(s)
Comment:
Sum workload: 
200

A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 7,5 ECTS credit corresponds to a workload of at least 200 hours.